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附錄
對Uninformed trader 來說，其超額需求0
採用Grossman and Stiglitz(1980)的方法，Uninformed 投資人會推測均衡價格，並 由價格中推論訊息的分配為Θ=P−(MA
σ
ε2/N)XU =S−Aσ
ε2WI,0 +(Aσ
ε2/N)z， Uninformed traders 利用該資訊來推論風險資產的價值2
2
)
Î